The cloud-based payroll software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cloud-Based Payroll Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The cloud-based payroll software market size has grown rapidly in recent years. It will grow from $11.56 billion in 2023 to $12.85 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increased adoption of cloud computing technologies, growth in the demand for streamlined payroll processes, growth of the gig economy, increased focus on cost reduction, and growth of subscription-based software models.
The cloud-based payroll software market size is expected to see rapid growth in the next few years. It will grow to $19.87 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to rising adoption of advanced AI, increasing demand for predictive analytics, rising demand for integrated forecasting solutions, increasing use of IoT devices, and the increasing reliance on big data analytics. Major trends in the forecast period include cloud-based payroll solutions, technological advancements, integration of artificial intelligence, adoption of integrated HR and payroll systems, and adoption of blockchain technology.
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Scope Of Cloud-Based Payroll Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cloud-Based Payroll Software Market Overview
Market Drivers –
Major Driver Impacting Market Growth
Market Trends –
Major companies operating in the cloud-based payroll software market are integrating their efforts to introduce intelligent and advanced solutions, such as platform-based payroll systems, to help businesses manage payroll efficiently and effectively. A platform-based payroll system refers to a payroll management solution that operates on a digital platform, typically provided as a software-as-a-service (SaaS) offering. For instance, in February 2024, Ramco Systems Limited, an India-based technology company, launched Ramco Payce, a platform-based payroll system created to completely transform business payroll administration. It Utilized cutting-edge technologies such as artificial intelligence, machine learning, data analytics, and serverless in-memory, to expedite payroll processing and improve accuracy. It has features like AI-driven payroll compliance, on-demand reporting, easy interaction with top HCM (Human Capital Management) systems, and no-code rule development. With Payce, businesses can operate effortlessly, adjust payroll procedures to the changing needs of their staff, and obtain unmatched control and oversight over payroll data all of which support strategic growth objectives and decision-making.
The cloud-based payroll software market covered in this report is segmented –
1) By Product Type: Free And Open-Source Software, Subscription-Based Software
2) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises
3) By Industry: Manufacturing, Information Technology And Telecommunications, Healthcare, Retail, Banking, Financial Services, And Insurance, Government , Other Industries
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Regional Insights –
North America was the largest region in the cloud-based payroll software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud-based payroll software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the cloud-based payroll software market are Oracle Corporation, SAP SE, ADP Inc., Intuit Inc., Paychex Inc., TriNet Group Inc., Sage Group, Kronos Incorporated, Paycom Software Inc., Dayforce Inc., Xero Ltd., MYOB Australia Pty. Ltd., Gusto, IRIS Software Group Ltd., Certinia, Zenefits Software, ELMO Software Ltd., Moorepay Ltd., Webscale Pty Ltd., Vibe HCM Software, onPay Inc, Ascentis Corporation, Microkeeper Ltd., Personnel Data Systems Inc., Talenox Pte Ltd.
Table of Contents
1. Executive Summary
2. Cloud-Based Payroll Software Market Characteristics
3. Cloud-Based Payroll Software Market Trends And Strategies
4. Cloud-Based Payroll Software Market – Macro Economic Scenario
5. Global Cloud-Based Payroll Software Market Size and Growth
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32. Global Cloud-Based Payroll Software Market Competitive Benchmarking
33. Global Cloud-Based Payroll Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cloud-Based Payroll Software Market
35. Cloud-Based Payroll Software Market Future Outlook and Potential Analysis
36. Appendix
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